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Convert MYR to USD at Best Exchange Rates


There are two main numbers that you need to understand if you are to have any chance of getting the best possible MYR to USD rate, these are the foreign exchange market rate and the transaction margin you will be charged by your bank or foreign exchange provider.


1 Malaysian Ringgit equals
United States Dollar 1=


Right now the MYR to USD market rate is but will most likely be quite different by the time you make you currency exchange. You can calculate with the current mid-rate using our MYR to USD calculator below.

Getting a good market rate is mainly about timing however the transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for travel money and possibly over 5% to 6% when sending money. The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.

Our real-time comparison calculators make shopping around easy and help you calculate how much you can save.



Why can't I just get the same MYR/USD market rate I see on Google or in the Media?

When you look up the current Malaysian Ringgit to United States Dollar exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is is commonly referred to as the mid-market rate.

Getting a great MYR to USD mid-market rate is all about timing, so unless you are able to wait, watch and time the market this is largely beyond your control. This rate will go up and down with varying amounts of volatility depending on the currency pair.

This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.

You can use the below MYR to USD calculator to convert currency amounts using the latest mid-market exchange rates. Then choose your transaction type for specific Malaysian Ringgit cross rates and reviews of leading foreign exchange providers versus the Banks.

MYR to USD market rate calculator & info

RM
$
1 MYR equals
USD 1MYR=USD

Loading MYR/USD Chart

Malaysian Ringgit - Recent Performance

The Malaysian ringgit was Asia’s best performing currency in September. While many Asian currencies lost ground against the US dollar, the ringgit finished the month 1.2% stronger than it had been in August, buying $0.236 (USD/MYR 4.232). The ringgit’s year-to-date gain over USD rose to 6%.

The ringgit’s recent stability marks a refreshing change for those in Malaysia. The currency had been Asia’s worst performer in 2016.

Recent economic data from Malaysia has been excellent. Export growth is now above 30% per annum, industrial production above 6% and inflation ticked up to 3.7% in August, from 3.2% in July.

The team at BMI Research said in September that the ringgit would appreciate further against USD to $0.244 (USD/MYR 4.1) by the end of Q1 2018. BMI cited continued efforts by Malaysia’s government to reduce its fiscal deficit and strength in the Chinese yuan as their reasons. BMI said that risks to the ringgit included American protectionism and the Federal Reserve hiking interest rates faster than markets were expecting.

Important trading partners for Malaysia include Singapore and China. Against the Chinese yuan, the ringgit had its best month in fifteen as it gained 2.2% to ¥1.576. Against the Singapore dollar, the ringgit had its best month in five, gaining 1.3% to S$0.321.

United States Dollar - Recent Performance

The dollar began November close to multi-month highs. Major dollar rates include EUR/USD, which ended the first session of the month at 1.162, down nearly 4% on levels in early September, and USD/JPY, which stood at 114.18, up 6.4% from September’s low. The US Dollar Index stood at 94.85.

The dollar’s September-October rally was a welcome change from its near-12% fall in the January-August period.

Outlook:

Long-term dollar sentiment remains downbeat.

In the expert opinion of ABN Amro, Saxo Bank and others, Donald Trump’s proposed tax cuts are either unlikely to make it through Congress or won’t have the reflationary effect that investors are hoping for. Furthermore, if Jerome Powell is named as the next Chair of the Federal Reserve, as is rumuored, he is likely to follow his predecessor’s footsteps by proceeding cautiously on interest rate rises, which may disappoint dollar traders.

In late October, Credit Agricole added its name to a growing list of banks predicting difficult times ahead for the dollar. The bank said that the currency’s September-October rebound was “unlikely to extend much further.”

Earlier in October, Saxo Bank predicted that the dollar would “top out” in Q4 and “continue its longer-term decline.”

In September, ABN Amro expressed “strong conviction” on future dollar weakness and Nomura reaffirmed its “structural bearish view.”

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